Are you SuperStream Ready?

SuperStream is the new way for employers to make super contributions electronically. This applies to businesses depending on how many employees you have:

• 20 plus employees: you have until 30 June 2015 to be SuperStream compliant; and

• 19 and less employees: the start date is 1 July 2015 but you have until 30 June 2016 as long you are making a genuine attempt to prepare for SuperStream.

All employers need to adopt SuperStream. Many employers are able to continue using their current electronic channels with only minor tweaking and still be compliant with the new standard. There are many options available for employers to adopt SuperStream. This may include upgrading their current payroll software, using a clearing house service or their default super fund’s portal. Any employer who has not yet started to prepare needs to act now.

The ATO has provided a step-by-step checklist to help employers prepare at ato.gov.au/SuperStreamChecklist.

SMSF

All SMSF trustees must be able to receive super contribution payments and information sent using SuperStream when their employer starts using SuperStream. To be able to do this, each SMSF member will need to provide the SMSF’s ABN, bank account and electronic service address (ESA) to their employer.

If you haven’t finalised your SuperStream preparations, you need to do the following:

• Obtain an ABN – If your SMSF does not have an ABN you will need to obtain one to receive employer contributions using SuperStream.
• Provide bank account details – SMSFs need to have nominated a fund bank account to receive employer contribution payments electronically. The introduction of SuperStream means no more cheques sent to your fund.
• Obtain an ESA – SMSF trustees need an ESA to receive contribution information electronically. You can obtain an ESA from a SMSF message provider or you already have access to an ESA through your SMSF administrator, tax agent, accountant or bank. If trustees choose to engage a SMSF message provider directly you will need to register your SMSF with the provider – a small fee may be payable for this service, although free options are available.

Once you have all of this information, each member of your SMSF will need to provide it to their employer. You should contact your employer about when they plan to make their first SuperStream contribution and make sure you provide your SMSF’s ABN, ESA and bank account details at least 30 days beforehand.

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